Couple of days back saw boards of Park Xpress by Pride Group (New project launch) in Balewadi. Anyone having any info?
Read more
Reply
205 Replies
Sort by :Filter by :
  • Anyone decided to cancel their booking?
    CommentQuote
  • Not me though I am very, very concerned and following the situation closely.

    I still get a good vibe from the place and I still think it is a very good project. I would even ultimately overlook the stress and the extra time and thereby loss of money as interest on my loan. I don't think the buildings are unsafe. I know, I know I'm sticking my neck out here but for a moment, if we cast aside our fears and baggage, and I find myself thinking along these lines more and more ... we're automatically assuming the builder is a crook. What if he is not and is a normal guy (a bunch of people in this case), accepting the bent rules from a set system that he cannot hope to fight, caught up in as a bad circumstance as the rest of us buyers? Who on the earth will want their one project stuck, which is very valuable in the first place, while having several other even larger ones going on? I mean, he cannot make a bad Park Xpress set of buildings with Park Grandeur on his hands too right next door, now can he? And who would accept 10 deaths to their name and not lose sleep over it? As time goes by, I cannot help feel miserable and sad for everyone involved in any way with this project for the pain we are feeling here ... the families of the labourers, families with flats here, as well as the builders and other guys at the business end of this project.

    Okay, now ...
    CommentQuote
  • Classic example of what happens when buyers do not do a due diligence. A warning was given here http://www.*********************.com/forums/showthread.php/5759-Beware-Pune-s-Notorious-Builders
    CommentQuote
  • Since I keep questioning myself anyway: what did I go wrong - what did I not do that I ought to have done, or what I could have done different, was there another choice that I overlooked, etc. (I.E. I am NOT picking a quarrel here) - I have to ask this: How is this accident related to not doing due diligence?? :bab (39):
    CommentQuote
  • Now this accident has nothing do with due diligence. Due diligence more or less means verifying permissions and other clearance of the project. This accident occurred due to some fault or error. So there was no way of knowing this and it can happen in any of the project. We cannot assume rest of builders are clean. It's just that it had to happen on this project. Just keep your finger crossed and hope for the best. Those who have been deeply invested here should have faith. And these kind of things and challenges keep coming in life. Consider this as a part of life.
    Those who have just made booking might have an option to exit. But the ones who have gone far I suggest have faith and be positive.
    CommentQuote
  • It is hard luck that a collapse took place resulting in loss of lives.Sad for the families of those who died.
    Buyers need to see-can we exit-how much loss-recent buyers who have not yet paid big sums can think it over.
    Situation is difficult with main promoters also being legally proceeded against.
    Keep informing each other about happenings on the front-legal,construction etc.
    Try and meet company bosses and find out.
    What is the scene on project site?
    What ever be the matter,one has to be bold and take informed decisions.
    CommentQuote
  • Originally Posted by Deepti2016
    Since I keep questioning myself anyway: what did I go wrong - what did I not do that I ought to have done, or what I could have done different, was there another choice that I overlooked, etc. (I.E. I am NOT picking a quarrel here) - I have to ask this: How is this accident related to not doing due diligence?? :bab (39):


    Don't be hard on yourself. You have limited control over the world. It was just an unfortunate incident and you were on receiving end . Things will move in future for better. Period. Put stop negative thoughts.
    CommentQuote
  • How mush ever due diligence a buyer might do, he will never detect the quality issues with construction. If someone has booked on the 13th and 14th floor without checking approval documents, that's his lack of due diligence, but if the structural quality is being compromised with, how can you know that. Now that it is clear that quality was indeed compromised, how can buyers be sure that the same compromise has not happened on other floors of the building. What if after few years some other incident happens? By then the society would have been handed over and builder would have washed his hands off the project. It would be too late to think about it. So the important thing is to take a call right now on what your future is with this project. You need assurance from a reputed 3rd party structural consultant on the quality and safety of construction. Until you get that, it's a known risk everyone is taking.
    CommentQuote
  • You guys are the absolute best!:cheer2::cheer2::cheer2:

    Thank you for you positive and reassuring words and your sage advice always. Though all of us may not write it all the time, we are deeply grateful for your advice and your time.
    CommentQuote
  • Builders still missing, buyers left clueless - Times of India
    In the aftermath of the tragedy, Pune Municipal Corporation has cancelled the licence of the builders. "Their blacklisting means the builders cannot undertake any new projects and will have to stop work at all the existing projects until further orders," city engineer Prashant Waghmare said. The Pride Group has 11 ongoing projects in Pune, according to the group's website.
    The owners and other partners (a total of six people) of the till-now-renowned-for-quality Pride Group are still at large even as they await the outcome of their anticipatory bail plea in Bombay high court on Friday
    Caught between the scale of the tragedy and the abandoned work lie a group of families who have purchased flats at the site, each in the excess of Rs 80 lakh. This group has begun to feel jittery as they stare at an uncertain date of completion of their dream homes even as a bulk of them continue to service the interest on loans taken from banks.
    A few agreement documents that TOI reviewed of flat owners said the builder will give possession of the flats "after 30 months from the date of execution" of the agreement. This means the Pride Group did not commit to a single date of possession as agreements with different owners were signed on different dates. Owners said that "verbally" they were promised a June 2016 completion, which was later pushed to December 2016 in view of the acute water problem.
    My view;
    Problems of flat owners will get resolved but delays are certain.
    Agreements are defective to the extent that date of possession was not specified.
    That is where due diligence comes in,since promoter is expected to give date of handing over.
    That is a legal requirement.
    Verbal statements have zero value.
    Buyers in other projects need to take note.
    Builder will mostly get bail from Honble HC and hopefully work will restart after delays.
    That is where the merit of RTM always comes up.No such problems.
    CommentQuote
  • Originally Posted by Deepti2016
    Since I keep questioning myself anyway: what did I go wrong - what did I not do that I ought to have done, or what I could have done different, was there another choice that I overlooked, etc. (I.E. I am NOT picking a quarrel here) - I have to ask this: How is this accident related to not doing due diligence?? :bab (39):


    You haven't made any mistake that other naive buyers do not make, so don't blame yourself.
    What we see is a consequence of laxity in regulations. Construction of illegal floors is quite 'normal' and regular business for reputed builders. But only one in few dozen such buildings actually collapse. Hence, people here call it 'unfortunate'.

    Secondly, there is no premium (or penalty) for structural safety aspects - neither from buyers, nor from regulatory bodies. Builder is completely focussed on business cycle (cash flow) with little regard to structural/quality aspects.

    That is why I insist on buying ready possession properties only, following the WYSIWYG principle (pronounced as 'wiswig') - What You See Is What You Get!

    Buying a flat is not like equity investment where you get rewarded for the risk you take. Here, builder makes windfall gains while buyers share the risk.
    CommentQuote
  • Originally Posted by Deepti2016
    I still get a good vibe from the place and I still think it is a very good project. I would even ultimately overlook the stress and the extra time and thereby loss of money as interest on my loan. I don't think the buildings are unsafe.


    Absolutely. It wouldn't matter if you can get a good night's sleep at the end of day, every night, after possession.

    Originally Posted by Deepti2016

    .. we're automatically assuming the builder is a crook. What if he is not and is a normal guy (a bunch of people in this case)


    guess, going absconding on receiving legal notice is the new 'normal'. ;-)
    I like your optimism though.

    Originally Posted by Deepti2016

    As time goes by, I cannot help feel miserable and sad for everyone... the families of the labourers, families with flats here, as well as the builders ....


    these guys, if they could have it their way, would blame the collapse on poor workmanship by labourers which led to their death. After all, the dead don't speak, do they?!

    The case hasn't hit the bench yet. The legal stuff will be useful to follow.
    CommentQuote
  • For lawyers and many, it is just a legal battle. Buyers will be facing the problem as it is their life savings involved. Recently, an Honourable Judge of Bombay HC had adverse remarks about parties trying to influence in this case while it is still at bail hearing. It is going to be an uphill battle and anxious period if work does not commence in the project. At least for buyers sake, hope things get resolved and also lessons that workers safety also equally matter is learnt.
    CommentQuote
  • Good to have optimism about future and things may settle once it dump in cold but to have mental peace, to get a good vibe from the place you have to very stout where 9 innocent poor human souls thrown to death! Welcome to utterly materialistic world!
    CommentQuote
  • Originally Posted by sachmo
    Good to have optimism about future and things may settle once it dump in cold but to have mental peace, to get a good vibe from the place you have to very stout where 9 innocent poor human souls thrown to death! Welcome to utterly materialistic world!

    It is hard luck that people died in an accident. Now put yourself in the position of having spent a huge amount to buy a flat and you cannot get your funds back and reinvest. You are left with no choice but to carry on. All the buyers, I am sure, feel bad about the tragic events, but cannot afford to back out. Maybe some who have not invested much can ask for money back and move on to other projects. Saying a truism -materialistic world'- is not going to help. Buyers here may be victims of circumstances.
    CommentQuote